A complete practitioner's treatment of trust administration for trustees, beneficiaries, and their counsel. Part I covers trust creation, the parties, and the classification questions that drive everything else. Part II covers acceptance and the first ninety days including notice to qualified beneficiaries. Part III works the core duties in detail: loyalty and the no-further-inquiry rule, impartiality, prudent administration, recordkeeping and earmarking, the duty to inform and report that generates most trust litigation, and delegation. Part IV covers investment management under the Uniform Prudent Investor Act including the default duty to diversify and the analysis a concentrated position requires. Part V covers principal and income allocation, the power to adjust, and unitrust conversion. Part VI covers discretionary distributions and how a trustee should actually decide. Part VII covers trust income taxation and the grantor trust rules. Part VIII covers spendthrift protection and creditor rights. Parts IX through XI cover modification and termination, nonjudicial settlement agreements and decanting, and directed trusts and trust protectors. Parts XII and XIII cover trustee liability, defenses, and fiduciary litigation. Part XIV covers removal, resignation, and succession, Part XV covers specialized trusts, and Part XVI is the verification list.